The Building Australia fund should be reserved for 21st century nation building, rather than massive hand outs to the mining and banking industry, said the Australian Greens today.

"The Building Australia fund is a fantastic opportunity for the Government to take the lead in our nations' future green economy," said Australian Greens Senator Scott Ludlam.

"This is money best spent on public transport, broadband, and efficient energy and water infrastructure that will help to reduce carbon emissions, which is key to Australia's long-term economic prosperity."

"COAG's suggestion that it be used instead to prop up the quarry economy is short-sighted and at odds with the overall intention of the fund," said Senator Ludlam.

"Pouring money into more roads and ports to service the mining industry does not benefit the majority of Australians, or help improve our long-term economic future."

"We need to be making investments in our long term future and sustainability, to ensure we are best placed for the environmental challenges that lie ahead," he concluded.

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